NOVEMBER 7, 2025
TELUS reports strong operational and financial results for third quarter 2025
Delivered industry-leading total Mobile and Fixed customer growth of 288,000, driven by strong demand for our high-valued core connectivity services and strategic national expansion of TELUS PureFibre connectivity
Achieved strong TTech Adjusted EBITDA growth, including our health segment, of 3 per cent, demonstrating continued focus on profitable customer growth alongside cost efficiency benefits
TELUS Health executing global growth strategy, delivering Operating Revenue and Adjusted EBITDA growth of 18 per cent and 24 per cent, respectively, driving significant value creation
TELUS Health executing global growth strategy, delivering Operating Revenue and Adjusted EBITDA growth of 18 per cent and 24 per cent, respectively, driving significant value creation
Reported Net income and Basic Earnings Per Share both higher by 68 per cent; Cash provided by Operating Activities higher by 4 per cent
Generated strong Consolidated Free Cash Flow growth of 8 per cent, supporting quarterly dividend increase to $0.4184, up 4 per cent over the same period last year
Reported Net income and Basic Earnings Per Share both higher by 68 per cent; Cash provided by Operating Activities higher by 4 per cent
Generated strong Consolidated Free Cash Flow growth of 8 per cent, supporting quarterly dividend increase to $0.4184, up 4 per cent over the same period last year
2025 targets for TTech Operating Revenue growth, including our health segment, expected to be at the lower end of the original range with variability on mobile phone equipment revenue; targets for TTech Adjusted EBITDA, including our health segment, along with our Consolidated targets for Capital Expenditures and Free Cash Flow, remain unchanged
2025 targets for TTech Operating Revenue growth, including our health segment, expected to be at the lower end of the original range with variability on mobile phone equipment revenue; targets for TTech Adjusted EBITDA, including our health segment, along with our Consolidated targets for Capital Expenditures and Free Cash Flow, remain unchanged
Vancouver, B.C. – TELUS Corporation today released its unaudited results for the third quarter of 2025. Consolidated operating revenues and other income of $5.1 billion were flat as compared to the same period a year ago as higher Consolidated service revenue growth of 2 per cent was offset by lower Mobile equipment revenue and Other income. Consolidated service growth was driven by: (i) growth in health services, reflecting business acquisitions and growth in payor and provider solutions; (ii) mobile, residential internet, and security and automation subscriber growth; (iii) higher external revenues in TELUS Digital; and (iv) higher residential internet revenue per customer. These factors were partially offset by: (i) lower mobile phone ARPU; (ii) lower business-to-business (B2B) data services revenue; (iii) lower agriculture and consumer goods services revenues attributable to the divestiture of non-core assets; and (iv) declines in fixed legacy voice and TV services revenues. See ‘Third Quarter 2025 Operating Highlights’ within this news release for a discussion on TELUS’ reportable segmented results for TTech, TELUS Health and TELUS Digital.
“In the third quarter of 2025, TELUS delivered another period of strong customer growth and robust financial performance, powered by our team’s relentless focus on operational excellence,” said Darren Entwistle, President and CEO. “Our results showcase the compelling value of our comprehensive bundled services across Mobile and Home solutions, alongside the strategic rollout of TELUS PureFibre connectivity to homes and businesses nationwide. We are delivering far more than connectivity – we are empowering Canadians with transformative digital experiences including AI-powered smart home energy solutions, cutting-edge healthcare services, comprehensive security offerings and premium entertainment that are revolutionizing productivity and enhancing quality of life across our nation. Indeed, this quarter, we achieved 288,000 total mobile and fixed customer additions, including 82,000 mobile phone and 40,000 internet customer additions, as well as 169,000 connected device net additions. Furthermore, our sustained focus on delivering exceptional client experiences continues to drive leading customer loyalty metrics, as demonstrated by our industry-best postpaid mobile phone churn of 0.91 per cent this quarter.”
“TELUS Health continues to execute against its global growth strategy, generating operating revenue and Adjusted EBITDA growth of 18 and 24 per cent, respectively, while extending our reach to over 160 million lives covered worldwide. This momentum demonstrates the power of our global healthcare platforms and stems from targeted strategic investments, continuous product innovation, broadening sales channels with strong cross-selling execution and disciplined cost optimization through technology integration and synergy realization – all anchored in our Customers First promise. Our LifeWorks integration has now delivered $417 million in combined annualized synergies – $329 million from cost efficiencies and $88 million from successful cross-selling strategies, keeping us firmly on pace to achieve our $427 million target by year-end 2025.”
“The reliability of these results demonstrates our team’s dedication to delivering superior customer experiences across our industry-leading wireless and PureFibre broadband infrastructure. Our substantial network investments enable positive social and economic outcomes for Canadian communities nationwide while continuously enhancing our operational performance, financial results and customer satisfaction. These same network investments are powering Canada’s digital sovereignty through our pioneering AI infrastructure. TELUS is providing the secure, sovereign foundation our country needs to create made-in-Canada solutions, accelerate growth and secure our place in the digital economy for generations to come. As we look forward, we are positioned for sustained success, underpinned by ongoing EBITDA expansion and disciplined capital deployment that together generate substantial free cash flow growth. This strong financial foundation supports our industry-leading dividend growth program, where today, we increased our quarterly dividend to $0.4184, up 4 per cent year-over-year, reflecting our commitment to delivering sustainable shareholder returns.”
"In September, TELUS closed its transaction with La Caisse, establishing Terrion as Canada's largest dedicated wireless tower operator. This unique partnership will enhance wireless connectivity for Canadians while also unlocking significant value for TELUS shareholders by strengthening our balance sheet and accelerating our deleveraging program. The team is working hard to quickly operationalize Terrion, which already has 3,000 wireless sites across the country. Notably, it has begun construction of its first multi-carrier tower in Nanaimo, B.C., with more planned in the months to come.”
“At the end of October, we successfully completed the acquisition of the remaining non-controlling interest in TELUS Digital, marking a significant milestone in our strategic evolution. This transaction brings TELUS Digital’s world-leading digital customer experience solutions and AI innovation capabilities fully into our integrated operations, enabling us to accelerate AI-powered transformation and SaaS solutions across our entire business portfolio, while at the same time giving TELUS Digital capacity to drive growth opportunities across its external client base. Notably, we expect this integration to generate approximately $150 million in annual cash synergies through operational efficiencies, further strengthening our financial performance and prioritizing high impact opportunities to create significant shareholder value.”
“In the third quarter, TELUS celebrated a monumental milestone of 25 million trees planted by our passionate and dedicated team over the past 25 years,” continued Darren. “When these 25 million trees have fully matured, they will have the capacity to absorb 7.5 million metric tonnes of CO2, which is equivalent to removing 1.8 million cars from our roads. This is an inspiring demonstration of our team’s global leadership in sustainability, underpinned by our unwavering commitment to making the future friendly by helping preserve the planet for future generations,” concluded Darren.
Doug French, Executive Vice-President and CFO said, “Our third quarter 2025 performance demonstrates continued strategic execution within a dynamic operating environment with TTech Adjusted EBITDA, including our health segment, achieving growth of 3 per cent. This result reflects our disciplined approach to cost management and operational efficiency, expanding health segment profitability and our longstanding emphasis on profitable customer growth. Mobility network revenue growth remains stable as the pricing environment continues to improve and customer growth remains robust. In fixed, we achieved consumer data revenue growth of more than 4 per cent, reflecting a 6 per cent increase in residential internet revenue driven by continued customer growth and higher internet ARPU.”
“We generated $611 million in free cash flow, representing 8 per cent growth, which reinforces our strong financial foundation and supports our clearly defined capital allocation framework. Our balance sheet continues to strengthen, with our net debt to EBITDA leverage ratio improved to 3.5-times at the end of the third quarter. We remain squarely on track to deliver our targeted leverage ratio of approximately 3-times by 2027, while systematically eliminating the discount on our dividend reinvestment program throughout this same timeframe.”
“For the full year, our 2025 target for TTech operating revenue growth, including our health segment, is expected to be at the lower end of the original target range with variability on mobile phone equipment revenue. Importantly, our targets for TTech Adjusted EBITDA, including our health segment, along with our consolidated targets for capital expenditures and free cash flow, remain unchanged, demonstrating the resilience of our business and the effectiveness of our operational execution. We remain confident in our ability to deliver strong, sustainable, and margin-accretive growth. The combination of continued EBITDA growth, moderating capital intensity—as we progress toward our target of approximately 10 per cent—and robust free cash flow generation, combined with our active asset monetization program, will continue strengthening our financial position, creating stakeholder value,” concluded Doug.
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